IRCON International’s stock price went up by 1.7% after the company won a big Rs 873-crore contract for building railway tunnels. This project includes the construction of two tunnels, T1 (from Km 33+160 to Km 34+400) and T2 (from Km 57+400 to Km 66+040), along with a special track and other related works. It’s part of a new, electrified, broad-gauge railway line between Mangliyagaon (Indore) and Budni stations, covering a total of 198 km in Madhya Pradesh’s Ratlam and Bhopal areas.
IRCON holds a 70% share in this joint project, which is worth Rs 610.88 crore, while SSNR Projects owns the remaining 30%. The project, valued at Rs 872.69 crore, is expected to be completed in 40 months, with an additional six months for fixing any issues that might come up after the work is finished.
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IRCON International is a top public-sector company, known for its expertise in railways and highways. It has operations in many parts of India and other countries, including Malaysia, Nepal, Bangladesh, South Africa, Algeria, Myanmar, and Sri Lanka.
In its recent financial report for the third quarter of December 2024, IRCON’s profit dropped by 64.81%, down to Rs 86.10 crore. The company’s revenue also fell by 10.81%, reaching Rs 2,612.86 crore, compared to the same period in 2023.
